Logitech forced to restructure, reduce workforce by 15% in 2009

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Logitech forced to restructure, reduce workforce by 15% in 2009

Romanel (Switzerland) – Logitech announced yesterday that they will be letting 15% of their current salaried staff go in 2009. The layoffs will be from all offices around the globe. Logitech has also withdrawn their previous FY2009 outlook amidst a “deepening global recession.” Though no revised targets were given, they are expected to formalize guidance on January 20, 2009 following their Q3 financial results announcement.

Logitech believes savings observed from the restructuring will be visible in Q1’2010, which ends June 30, 2009.

Gerald P. Quindlen, Logitech president and chief executive officer said, “During the December quarter, the retail environment deteriorated significantly. We experienced varying degrees of weakness across all geographies and channels as our customers reduced inventory levels in the face of weaker consumer demand. Moreover, we expect the economic environment to worsen in the coming months and we are therefore taking significant actions to align our cost structure with what is likely to be an extended downturn.”

Visit Logitech press release.


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